MarriottInternational Inc. is offering to buy back two series of seniornotes issued by Starwood Hotels& Resorts Worldwide Inc., now known as Starwood Hotels &Resorts Worldwide LLC, per the terms of its just-completed acquisition of Starwood.
Starwood's 7.150% senior notes due 2019 and 3.125% seniornotes due 2023 will be fully or partially repurchased Oct. 25. The 2019 notes hadroughly $209.8 million aggregate principal amount and the 2023 notes had about$350.0 million aggregate principal amount outstanding as of Sept. 23.
The repurchase price will be a cash amount equal to 101% ofthe repurchased notes' aggregate principal amount, plus any accrued and unpaidinterest up to the repurchase date. Holders of the Starwood notes who intend toexercise their repurchase right have until 5 p.m. ET on Oct. 24 to surrendertheir notes through DTC's transmittal procedures.
Marriott said it is exploring ways to address Starwood'sremaining public debt, including any notes that are still outstanding after therepurchase offer.
The Bank of New York Mellon is the paying agent.